Realty players Crystal Group and Xrbia Developers have joined hands to develop an affordable housing project here in Chembur.
The company plans to develop 13 towers of 26-storey each and build 6,000 houses having a configuration of 1 and 2 BHK apartments with prices starting at Rs 40 lakh to Rs 80 lakh.
The 1BHKs have a carpet area ranging from 180 to 230 sqft priced at over Rs 40 lakh and 2BHKs have 305 sqft carpet area costing around Rs 80 lakh.
"We have already commenced work on the project which will be developed in two phases and will be completed in 40 months. We hope to earn revenues to the tune of Rs 3,500 crore from the project," Xrbia Chairman Rahul Nahar told reporters here today.
The project, which is being developed under the Slum Rehabilitation Scheme, is targeted at young professionals who want to move to the city, he said, adding it will launch the project next week.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)